OKX Review 2022
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OKX (Formerly (OKEx) is an online crypto exchange that facilitates trading on a range of digital currencies, from Bitcoin (BTC) to Chia (XCH). The crypto broker has attracted more than 20 million global clients with its spot and derivative products, alongside its lending and mining solutions. Our review breaks down the sign-up and login process, withdrawal fees, wallet options, mobile apps and more. Find out whether to open an OKX trading account today.
What Is OKX?
Founded in 2017 and with headquarters in the Seychelles, OKX is a popular cryptocurrency exchange that leverages blockchain technology to offer clients an extensive portfolio of trading products.
Hundreds of tokens are offered to clients in more than 200 countries.
Originally OKEx, the firm rebranded to illustrate their wider market reach.
The owner and CEO have made news headlines as trading volumes have surged with $1.5 billion in BTC futures passing through the platform daily.
The number of users interested in its spot, margin, options, perpetual swaps, DeFi and mining services is also on the rise.
More recently, OKX has rebranded from OkCoin, expanded to Malta and launched a crypto exchange white label service. Company announcements also show the broker is developing its own blockchain called OKChain.
OKX offers OTC crypto-to-crypto trading in addition to fiat-to-crypto trading. 400+ tokens can be found on the platform, from big names like Bitcoin and Ripple to emerging coins like Chia and Dogecoin.
Clients can also speculate on the digital currency markets using quarterly futures, perpetual swaps and options.
For traders interested in these alternative products, the exchange collates useful data in an easy-to-digest format, with the latest prices, recent volumes, plus open interest information.
The pool of products is constantly growing so head to the OKX website for the latest token listings.
The crypto broker offers a hassle-free web-accessible platform. Once you have your login details, you can open up the online platform via the OKX website.
With a clean interface and intuitive dashboards, clients can view crypto prices in real-time, buy and sell Bitcoin and other digital assets in a few clicks, plus set up live price-change alerts on the coins they follow.
The platform also lets you compare token prices across exchanges and analyse volume data.
For mobile traders, an iOS and Android application can be downloaded from the relevant app store.
Offering all the same features as its desktop counterpart, users can make price predictions and start earning with the broker’s suite of products.
Customer reviews of the platform are positive highlighting the reliability and straightforward joining process. The broker’s demo account is also available on the mobile application.
Note, OKX offers guides that explain how to use and trade on the platform when you register for an account.
OKEx stands out for its low trading fees. In fact, the exchange offers some of the most competitive pricing that we’ve seen. Fees are tiered based on your average 30-day trading volume.
Low volume accounts will pay a 0.15% maker fee and a 0.2 taker fee. For active traders, this can fall to a 0.02% maker fee and a 0.05% taker fee.
Fees are updated daily and a transparent pricing chart can be found on the website so you can understand exactly what you’ll pay across the broker’s products and tokens, from USDT withdrawal fees to historical perpetual swap funding rates.
Deposits & Withdrawals
OKX accounts must be funded with digital currencies – fiat currency deposits are not accepted. Clients can purchase cryptos using a credit card or transfer tokens from a hardware wallet address or alternative exchange.
Crypto transfers generally take just a few minutes.
When it comes to buying digital assets, clients can choose from a range of payment options, including credit and debit cards, bank transfers, Google Pay and PayPal. USD, GBP and EUR, among other currencies, are supported.
Whilst there are no deposit charges, users will need to pay withdrawal fees that vary depending on the crypto. Minimum and maximum deposit and withdrawal limits also vary depending on the token – head to the broker’s website for a comprehensive list.
OKX also offers a My Wallet function where clients can manage funds across their different trading accounts and tokens.
Guidance on funding rates, selling cryptos and internal withdrawals can be found in the exchange’s beginner guides.
OKX offers margin trading with up to 1:20 leverage, notably higher than competitors. Leverage levels can be adjusted when you sign-up for an account and interest rates are displayed on the platform.
Several margin modes are available through the exchange: single-currency, multi-currency and portfolio margin mode.
The former two account types allow for margin rates to be established from the total position sizes open, standard for low and mid-level clients.
Portfolio margin mode, on the other hand, uses risk exposure to determine margin rates, which is ideal for high-net-worth retail and institutional clients using market-making and hedging strategies.
Whilst high leverage rates will appeal to many traders, crypto margin trading is risky so make sure you take a careful approach to risk management.
Bonuses & Promos
OKX offers a choice of welcome bonuses and rewards. The most attractive promo is arguably the free Bitcoin giveaway.
New clients can pick up $10 in BTC when they buy/sell $100+ on the platform. Once you’ve registered for an account and downloaded the mobile app, you can also complete learning missions to win additional free BTC each day.
Users can pick up a 30 USDT rebate card when they deposit $100+ and a 50 USDT rebate when they trade $100+ on the exchange.
Additionally, existing clients can use their unique referral code to invite new users to the platform. Up to three rewards worth $10 in BTC are available for each person referred. Check the invite terms and conditions before you get started.
Finally, it’s worth keeping an eye on the OKX announcements page for details of upcoming airdrops and new promo codes.
Help is available through a telephone number, live chat, an email-based ticket system, plus social media channels. Unfortunately, response times were slow upon testing.
With that said, support staff can help with a number of issues, from insights into new product updates and account maintenance to jumpstart mining rules and frozen equity issues.
The exchange and support centre also offers a blog that details new coin listings and platform upgrades, as well as API documentation and guides for beginners.
How To Open An OKX Account
OKX offers 9 different live accounts depending on your needs. The sign-up process for each is relatively straightforward with a simple registration form on the broker’s website.
New clients will have to submit basic contact information and may need to prove their identity before they can start buying and selling cryptocurrencies.
Use the table below to find the right account for you.
Note, contact the customer support team to delete your account. Also, residents from the US are not accepted at this time.
Pros Of OKX
If you take OKX vs competitors like Coinbase and Huobi, the exchange stands out in several areas:
- Wide range of crypto trading products, including futures, options and perpetual swaps
- Free mobile app or web-accessible desktop platform
- Lightning network for faster BTC payments
- Supports yield farming & pool staking
- 400+ leading and emerging tokens
- Unified account for consolidation
- Fiat to crypto converter
- Learning academy
- Competitive fees
Cons Of OKX
Despite the benefits, the exchange’s ranking falls down compared to the likes of Binance in some categories:
- Limited regulatory oversight
- Hit and miss customer support reviews
Security & Safety
As a legitimate cryptocurrency exchange, OKX uses a sophisticated security architecture. The company uses distributed server clusters in addition to cold storage multi-signature wallets.
2FA via Google Authenticator can also be used to provide an added layer of security for funds.
Before clients can withdraw profits, they may need to meet the exchange’s various KYC identity verification levels. This is an increasingly common practice across crypto platforms and is designed to reduce fraud and money laundering.
Despite these precautions, no crypto exchange is truly safe with reports of hacking issues and account passwords being bypassed.
The company has since brought out new security guidelines, but we would still recommend caution when investing in the crypto space.
Final Word On Trading With OKX
The professional-level trading platform and low exchange fees make it a good option for new investors and active traders. Our review would have liked to see more robust regulatory oversight but as the company expands globally this may change.
Is OKX A Safe Exchange?
Whilst OKX is an established crypto exchange, the company cannot guarantee the safety of funds. Also, there have been news reports that accounts have been hacked and funds stolen.
Management has since brought in new security measures but we always recommend caution when investing in cryptos.
Is OKX A Good Exchange?
Is OKX A Wallet?
OKX is a cryptocurrency trading platform and asset exchange that also offers a multi-currency wallet.
The online wallet can be accessed from computers and mobile devices and allows for the straightforward storage and transfer of crypto assets like Bitcoin.
Is OKX Real Or Fake?
OKX is a legitimate cryptocurrency exchange with operations in 200+ countries and office locations in the Seychelles and Malta. Whilst not licensed with a notable regulator, the company has more than 20 million customers on its books.
Does OKX Offer Bitcoin Trading?
Yes, OKX offers spot and margin trading on Bitcoin. Clients can also buy and sell BTC using other cryptos with low fees and secure wallets. Sign up for an account in a few minutes to get started buying and selling Bitcoin.
OKX accepts traders from Australia, Thailand, Canada, United Kingdom, South Africa, Singapore, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Traders can not use OKX from Hong Kong, Cuba, Iran, Korea, Sudan, Malaysia, United States, Puerto Rico, Samoa, Guam, Northern Mariana Islands, Virgin Islands, U.S., Bangladesh, Bolivia, Ecuador, Kyrgyzstan, Malta.
Alternatives to OKX
If you are looking for alternatives to OKX we have compiled a list of the top 5 brokers that are similar to OKX below. This list of brokers like OKX is in order of similarity and only includes companies that accept traders from your location.
- Binance – Binance is one of the leading online crypto exchanges offering Bitcoin.
- Kraken – Kraken is a top crypto trading exchange offering the largest altcoins by market cap.
- Paxful – Paxful is a crypto trading exchange and digital wallet offering low fees and easy sign-up.
- Uphold – Trading in the Uphold environment offers a one-stop-shop for all your crypto requirements.
- Coinbase – Coinbase is the easiest place to buy, sell, and manage your cryptocurrency portfolio.
|OKEx is a digital exchange offering trading on hundreds of cryptos across desktop and mobile applications with low fees.|
OKX vs Other Brokers
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